Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 -45.3%
S&P 500 total return (same window) +37.0%
Excess return -82.3%

Annualized: -38.3% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 100.0% · Options excluded: 0.0%

Sector breakdown

04
Healthcare 46.0%
Retail 19.1%
Communication Services 0.4%
Consumer Discretionary 0.3%
Technology 0.1%
Other/Unmapped 34.1%

Full portfolio 14 positions

05
Type Streak 8Q trend
AVBP ArriVent BioPharma, Inc. - Common Stock $51,928,866 27.55% 1,494,786 $17,444,153
Unknown issuer (CUSIP: 698955101) $43,817,646 23.24% 1,600,937 Up ×1
CART Maplebear Inc. - Common Stock $33,652,166 17.85% 710,711 $7,028,932
MAZE Maze Therapeutics, Inc. - Common Stock $30,911,554 16.40% 1,035,910 $-10,360
Unknown issuer (CUSIP: 67613T104) $15,160,189 8.04% 810,272 Up ×1
EIKN Eikon Therapeutics, Inc. - Common Stock $3,983,291 2.11% 305,233 $753,926
GUTS Fractyl Health, Inc. - Common Stock $3,879,997 2.06% 4,884,186 $1,644,013 Down ×1
LIFE Ethos Technologies Inc. - Class A Common Stock $1,345,607 0.71% 74,179 $517,028
CPNG Coupang, Inc. Class A Common Stock $949,739 0.50% 54,677 $257,277 Up ×1
AMZN Amazon.com, Inc. - Common Stock $925,236 0.49% 3,882 $387,483 Up ×1
META Meta Platforms, Inc. - Class A Common Stock $743,543 0.39% 1,320 $367,081 Up ×1
DASH DoorDash, Inc. - Common Stock $525,911 0.28% 2,850 Up ×1
CVNA Carvana Co. Class A Common Stock $425,526 0.23% 6,465 Up ×1
FIG Figma, Inc. Class A Common Stock $268,546 0.14% 14,845 $-45,277

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
Unknown issuer (CUSIP: 698955101) $43,817,646 1,600,937 23.24%
Unknown issuer (CUSIP: 67613T104) $15,160,189 810,272 8.04%
DASH $525,911 2,850 0.28%
CVNA $425,526 6,465 0.23%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AVBP Price move only +0 +$17.4M
CART Price move only +0 +$7.0M
GUTS Trimmed -7 +$1.6M
EIKN Price move only +0 +$754K
LIFE Price move only +0 +$517K
AMZN Bought more +1K +$387K
META Bought more +662 +$367K
CPNG Bought more +18K +$257K
FIG Price move only +0 -$45K
MAZE Price move only +0 -$10K

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
CRCL Dec. 31, 2025 19,001,041 $2,519,158,016 2.5%
IOT June 30, 2026 2,000,000 $63,380,000 26.8%
OSCR Sept. 30, 2025 2,107,719 $45,189,495 63.4%
SNOW June 30, 2025 265,081 $38,744,239 52.4%
EVLV June 30, 2025 10,796,148 $33,683,982 -26.8%
GTLB June 30, 2026 921,405 $19,939,204 63.1%
CMRC June 30, 2025 1,200,000 $6,912,000 -35.0%
PETXQ Sept. 30, 2025 6,976,530 $1,612,974 No longer tracked
VRM Sept. 30, 2025 7,629 $217,503 -66.6%